Strong demand lifts Golden Eagle's IPO price to top

Department store operator raises $179 million; Retail orders exceed institutional demand.
Golden Eagle Retail Group has priced its initial public offering at HK$3.15, or at the top end of the price range, allowing the mainland department store operator to raise HK$1.42 billion $179 million.

ABN AMRO Rothschild and Goldbond Securities were joint global coordinators and bookrunners for the offering, which yet again highlights strong demand for Chinese consumer concept stocks.

Retail investors in particular swarmed to the offering, banking on hopes for the same kind of secondary market performance as fellow department store operator Parkson Retail. The latter is up 42% year-to-date and has seen its share price more than double since its trading debut on November 30.

Riding on the same wave...
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